When all of this first kicked off, I’m a little embarrassed to say that I had almost the same opinion of some of the younger Republicans. I didn’t know enough about the debt ceiling and how things work to feel like it’d be any big deal if we defaulted. Then, just because I started to get tired of people whining, I started to think we should just do it and see what happened.
Now, I’ve read more, watched news reports, and am coming to understand just how bad this could turn out. And the fact that it’s totally self inflicted makes it even worse. Part of why I have this time is that I’m unable to work. I thought I would pull together some learning resources for other folks who want to know more, but don’t have enough time to sift through millions of Google hits looking for good info.
The Muser’s Blog has a good page that discusses the National Debt and Social Security.
The Treasury Department’s home page has a page dedicated to the debt limit.
Propublica has put together an article that comes with a TON of links for further reading.
And the Congressional Research Service provides us with this 25 page report on what can happen: